When you buy a new phone, what do you do with your old model? Sell it, give it away, or throw it in a cupboard and forget about it?

If it’s the latter, you could be sitting on a small fortune depending what models you have and what condition they’re in.

Some of the rarest old mobiles, which are now classed as antiques, sell for between £800 and £1,000 on eBay but even if the phone’s not that old, there’s still money to be made, with recent iPhone models selling for up to £618.

Fancy some extra cash for Christmas? Antique phones are selling for up to £1,000 on eBay

The amount of money you can make from your old mobile depends on the model, age and condition and to get the top rates on offer, it will need to be either extremely rare or old.

The Motorola DynaTAC 8000x is one of the most valuable phones around and recently sold for £1,000 on eBay. Released in the UK in 1984, the brick-shaped phone gained celebrity status after Michael Douglas used one in the film Wall Street.

Another valuable phone is the first ever Nokia Mobira Senator, released in 1981, which has sold for £800 online.

The prices used here reflect the sold price, but because these are rare models, the price can change daily - we spotted a US version of the Motorola DynaTAC 8000x currently on sale for £3,000.

Mobile phone expert Ben Wood, from CCS Insight, said, ‘We all remember our first mobile phones, whether it was the iconic brick-sized Motorola DynaTAC used by Gordon Gekko in Wall Street, a Samsung that flipped open, or the noughties manufacturer of choice, Nokia.

‘Although most people think the old mobile phones gathering dust at home are worthless, there are certain models that are particularly valuable.

'Serious collectors are willing to pay around £800-£1,000 for the most iconic phones such as the Motorola DynaTAC 8000x or the Mobira Talkman, but even the most everyday handset models could fetch between £10-£20.’

The amount you get for your old phone depends on its model, make and condition

The rarer the phone, the more money you can expect to make, but even it your phone is just a few years old, there's still money to be made.

With Christmas fast approaching, and 24 per cent of us planning to buy a brand new gadget, selling an old handset could be a good way to make some extra money.

Mobile phones are the most popular gadget likely to be found around the house and in a survey by Talkmobile of 2,019 people, 55 per cent of us admit to having at least one around the house.

But despite the money on offer, 34 per cent said if they found an old phone they would leave it in a drawer and probably forget about it, while only 17 per cent would re-sell it.

In fact 24 per cent of people said if they found an old mobile in a drawer they would leave it there and forget about it, rather than seeking out how much it could make if sold.

If it’s not an antique you’ve got lying around and the phone is only a few years old, you could still pocket some extra cash.

TOP 10 MOST POPULAR MOBILE PHONES SELLING ON MUSIC MAGPIE

Make

Model

Price

Apple

iPhone 7 Plus (256gb) unlocked

£618

Apple

iPhone 6s Plus

£505

Apple

iPhone 6s

£455

Apple

iPhone 6

£386

Samsung

G925 Galaxy S6 Edge 128gb White

£360

Samsung

Galaxy S7 Edge 64Gb Black

£343

Samsung

G920 Galaxy S6 128gb White

£320

Samsung

Galaxy S6 Edge Plus 64gb

£255

Apple

iPhone SE

£250

HTC

10 (64GB)

£240

Apple

iPhone 5S (64GB)

£135

Source: Music Magpie, 02/12/2016

The most popular phone for sale on the re-selling website MusicMagpie is the iPhone 7 (256gb), unlocked for £618. However, even older models, such as the iPhone 5S (64gb) could make £135.

To sell your phone online you will usually need to turn it off, remove the sim card and return it to its 'factory setting' before sending it back and if it's unlocked you're likely to get more money for it.

Liam Howley, marketing director at MusicMagpie, said: ‘We’ve all got old tech lying around the house, whether it’s a phone we’ve recently upgraded from or a tablet gathering dust in a drawer.

'Not many people realise they could be sitting on a goldmine, and phones especially are worth more than you think, even if they’re a few years old.

'When it comes to the best time to trade-in, prices usually peak in the run-up to a new model being released, however, we ensure we are always offering our best prices to customers who are trading-in their old phones to us at any time of the year.’

Do you want to automatically post your MailOnline comments to your Facebook Timeline?

Your comment will be posted to MailOnline as usual

We will automatically post your comment and a link to the news story to your Facebook timeline at the same time it is posted on MailOnline. To do this we will link your MailOnline account with your Facebook account. We’ll ask you to confirm this for your first post to Facebook.

You can choose on each post whether you would like it to be posted to Facebook. Your details from Facebook will be used to provide you with tailored content, marketing and ads in line with our Privacy Policy.